WORLD OIL PRICES (November 20-24, 2017 trading days)
Dubai crude increased week-on-week by about US$0.43/bbl. Similarly, week-on-week average MOPS gasoline and diesel increased US$0.37 and US$1.25 per barrel.
Reasons for the Adjustment
Gasoline fundamentals were largely unchanged; stable from last week as demand and supply were balanced. Demand in the Middle East and Southeast Asia particularly in Indonesia and Vietnam continued to support the market.
Gasoline sentiment was leaning towards a near-term weakness in prices as expected increase of supplies in the region may not be matched by high demand.
Fresh requirements for the middle distillate emerged, providing some support to the gasoil market.
The clamor to extend OPEC and non-OPEC production cuts for nine months beyond March 2018 is growing louder; .
In its 30 November meeting, OPEC's largest producer Saudi Arabia, along with some Gulf allies, has been pushing for a nine-month extension of the cuts through end-2018. Russia has so far been noncommittal on continuing the cuts for the full year;
U.S. crude price hit a two-year high behind reports of a shutdown on TransCanada Corp's 590,000-barrel-per-day Keystone pipeline following a spill last week;
A draw on US fuel inventories pointed to a tightening oil market, despite rising output from oil shale producers.
FOREX: Philippine peso appreciated against the US dollar by P0.31 to 50.73, from P50.04 in preceding week. .
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DOMESTIC OIL PRICES
Effective 28 November 2017, oil companies implemented a P0.35/liter increase in diesel and P0.25 in kerosene.
Year-to-date total adjustment in gasoline remained at net increase of P5.84/liter, diesel at P5.95/liter and kerosene at P4.35/liter for kerosene.
As monitored, shown below are the retail prices in Metro Manila beginning November 28, 2017.
|Products||Price Range||Common Price|
|LPG, P/11-kg cylinders||550.00-777.00|
|* RON 95|
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